A 30-year mortgage loan for $270,000 with a fixed annual
interest rate of 6% has monthly payments structured in the
following way. During the first 10-year period, payments cover only
the required interest amount but no principal reduction takes place
(interest-only). During the second 10-year period, monthly payments
are computed based on a 30-year amortization period (partial
amortization). During the third 10-year period, monthly payments
are computed based on the premise of full amortization. What is the
monthly payment during the third 10-year period?
Between $2,300 and $2,450
Between $2,450 and $2,600
Between $2,600 and $2,750
Between $2,750 and $2,900
Between $2,900 and $3,050
Between $3,050 and $3,200
Between $3,200 and $3,350
Between $3,350 and $3,500
A 30-year mortgage loan for $270,000 with a fixed annual interest rate of 6% has monthly payments structured in the foll
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